A professor of banking, finance and financial economics, Professor Sebastian Uremadu has advised the Federal government to urgently announce the restoration of petroleum subsidy and removal of multiple taxation, saying that doing these can prevent the looming nationwide protests.
Professor Uremadu who said this during an interview with Newspot in Umuahia on Saturday, reiterated his criticism of fuel subsidy removal and blamed the May 29, 2023 pronouncement for the astronomical rise in prices of food stuff and other services in the country.
The Political Economy analyst, who is of Michael Okpara University of Agriculture, Umudike, noted that many Nigerians were presently hungry, suggesting that the best way to discourage them from participating in the proposed protest was to reintroduce fuel subsidy and removal of multiple taxation on goods and services, before August 1.
While acknowledging that President Bola Tinubu has recorded several achievements in nation building, especially with the signing of South East Development Commission (SEDC), Uremadu noted there may be no economic stability in the country unless fuel subsidy was restored and properly managed by a Federal government economic committee.
“I urge my dear President to align with the voice of the people by restoring fuel subsidy and removing multiple taxation which have been making disposable income become useless.
“The negative effects of protests in Kenya should not be allowed to happen in Nigeria. Our dignity, security and life should not be allowed to be tampered with”, Uremadu appealed.
He, however, supported the advice by the Ohanaeze Ndigbo that Igbos should not participate in the nationwide protest, as according to him, hoodlums may hijack the protest to increase their mayhem in the South East, even as he mourned the death of Emmanuel Iwuanyanwu.
The MOUAU Professor also said that leaders of South South have been more patriotic in the socio-economic development of their region than those of the South East.
He advised the leaders of the South East to utilize the recently signed SEDC to transform their zone.
On the allegations by some persons that Mr Peter Obi could be the brain behind the planned protest, Professor Uremadu rejected the claims, warning that the matter should not be reduced to religious and tribal sentiment.
He further urged African leaders to emulate United States President Joe Biden by respecting the popular wish of the people.
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